U.S. retail sales released by the Department of Commerce are reported to have declined further in December as Covid-19 outbreak prevention measures have reduced spending. The move announced by the government has urged restaurants to close.
Friday's report showed retail sales down 0.7% last month. The revised November data showed sales falling by 1.4% compared to the previous reading of 1.1%. The December reading is also far from the expectations of economists who aim to change.
The report follows a report last week that the U.S. economy had recorded job reductions in December for the first time in eight months. It is expected that this will continue in January as new applications for unemployment benefits increase in the first week of January. These data are in line with economists' expectations that economic growth in the fourth quarter will slow.
President Joe Biden today unveiled details of a $ 1.9 trillion coronavirus stimulus package, saying these investments are necessary for economic recovery and accelerating the distribution of vaccines to overcome the pandemic crisis.
The plan, also known as the American Rescue Plan, includes $ 415 billion to increase response to the virus and the launch of the Covid-19 vaccine, about $ 1 trillion in direct assistance to households, and about $ 440 billion for small businesses and most communities. affected.
The U.S. economy is expected to grow by only 5% in the fourth quarter. The US dollar index, which measures the greenback against the major, recorded an increase of 0.40% to the exchange rate of 90,573.
